Through the CCIM network, our team was contacted by an out-of-state broker whose client was in a 1031 exchange and needed assistance locating a suitable investment property in Arizona.
After searching around the Phoenix Metropolitan market, we were able to locate a building that was currently occupied by a local chain and was owned by a REIT. Since our client was from another state, they had no prior knowledge of the business and performed an audit to better acquaint themselves with the restaurant. The property was part of a master lease which included all three of the restaurants across the Phoenix Metro and needed to be broken in order to sell the property that our client was interested in. Our group worked diligently with the owners of the building and were able to split the lease.
The sale went through in time for our client to meet their 45 and 180 day windows on the 1031 exchange. Harnessing our expertise in the Arizona market, we were able to familiarize our client with the locale and by the end of the exchange. They had learned a significant amount about the Arizona real estate market. They were ultimately very satisfied with the property they acquired.
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